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São Paulo, May 10, 2010. Odebrecht Realizações Imobiliárias (OR), a company with a national presence that operates in different segments of the real estate market and has perspectives for major growth over upcoming years, earned a new shareholder - Gávea Investimentos, one of the main fund managers in the Brazilian financial market.

As part of the new shareholder structure, Gávea will hold 14.5% of the OR voting capital, with the right to nominate two representatives on the Board of Directors. Odebrecht will hold 85.5% of the capital and will have five representatives on the Board of Directors. Marcelo Odebrecht, Managing Director of Odebrecht S.A., will serve as the OR Board of Directors Chair.

The new structure reflects OR's long term sustained and diversified growth strategy. Gávea manages private assets of over R$ 10 billion and besides the capital it will add to OR, it will also offer differentiated training in the access to national and international investors and a strategic-financial vision for value creation for all shareholders.

“Gávea’s entry into the OR capital creates even more competitive growth alternatives,” said Paul Altit, CEO of OR. “The synergies with the different Odebrecht Organization companies in the integrated Infrastructure and Real Estate projects allow us to develop unique housing solutions both in the low-cost segment, through Bairro Novo, as well as the middle and high income segment. We will now have Gávea’s contribution to achieve our goal of becoming the preferential choice among real estate investors both in Brazil as well as abroad,” said Altit.

OR

In 2007, Odebrecht created Odebrecht Realizações Imobiliárias (OR) with aims of strengthening its operations in the real estate market. The company received several different assets resulting from the long-time operations of Construtora Norberto Odebrecht (CNO) in the segment. Present in several different Brazilian cities, with regional offices in Recife, Salvador, Belo Horizonte, Rio de Janeiro, São Paulo and Brasília, OR effectively meets the needs and unique characteristics of each site in residential, business, commercial and tourism projects. Its operations in the low-cost housing segment are focused on Bairro Novo. A founding member of Brazil’s Green Building Council, the company's operations are geared toward sustainable development and it follows the guidelines of environmental preservation and conservation during all stages of its developments – from the planning to execution itself. It currently has over 4,000 Members and recorded net earnings of R$ 400 million in 2009, with estimates for R$ 1.1 million in 2010, in addition to launches of R$760 million in 2009 with estimates of R$ 2.8 million in 2010. The company works with a terrain base worth R$ 16 billion.

Gávea Investimentos

Founded in 2003, the Gávea Investimentos activities are grouped into three areas of business: hedge funds, asset management and unliquidated strategies. It has some 100 employees, distributed throughout the Rio de Janeiro and São Paulo offices. Today, it has assets of approximately R$ 10.2 billion under its management.

Odebrecht

Founded in 1944, Odebrecht is a Brazilian company with international operations that works with over 90,000 professionals of 50 different nationalities. In 2009, Odebrecht recorded gross revenues of over R$ 40 billion. Today, the Odebrecht Organization is composed of the following companies: Odebrecht Energia, Odebrecht Engenharia Industrial, Odebrecht Infraestrutura Brasil, Odebrecht Latin America and Angola, Odebrecht Venezuela, Odebrecht International, Braskem, ETH Bioenergia, Foz do Brasil, Odebrecht Investimento em Infraestrutura, Odebrecht TransPort, Odebrecht Óleo e Gás, Odebrecht Realizações Imobiliárias and the Odebrecht Foundation.

Press Information
CDN – Corporate Communication
Thais Rosa – thais.rosa@cdn.com.br – (+55 11) 3643-2717
Maysa Penna – maysa.penna@cdn.com.br – (+55 11) 3643-2771